Business
ASX up 1.5pc; Banks soar in $14b rally; Home loan rates cut – The Australian Financial Review
The sharemarket advanced 1.7 per cent over the week as banks enjoyed a massive rally on Friday. Westpac’s 7 per cent surge helped steer the S&P/ASX200 Index 1.5 per cent higher on Friday as the government moved to relax responsible lending rules.
The Australian sharemarket enjoyed its best week in six as a powerful rally in bank stocks on Friday steered the benchmark to a 1.7 per cent gain for the week.
The S&P/ASX200 Index added 88.9 points, or 1.5 per cent, to 5964,9 points on Friday.
Shares of the big four banks surged on Friday on the back of reforms to the credit act to strip the corporate regulator of policing responsible lending.
Banks welcomed the changes, saying they would reduce the burden of regulation, cut red tape f…
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